Within the past one year of its launch, the company has already disbursed loans worth Rs. 20 Crores to over 220 small scale merchants, with the ticket size of Rs. nine lakh.
"The MSME sector in India is a strong contributor to country's GDP, along with creating employment opportunities. Despite their efforts, the sector often finds it challenging to access the traditional financial services, due to various factors, including lack of documentation, tedious paperwork and others," said Mohit Sahney, MD and CEO, Finova Capital.
The target loan will be disbursed by Finova Capital among small business owners, with primary focus on electricians, plumbers, carpenters, hairdressers and food kiosk owners.
"While most banks were willing to offer me a loan, I realised that the terms for repaying the same within 2-3 years with high EMIs could become immensely difficult for me in the long run. Finally, I found out about Finova Capital and the long reimbursement tenures they offer. I availed a small business loan worth Rs. 6.40 Lakh for seven years with EMIs at half the prices. It is certainly the best decision I ever made," said Narayan Singh Negi, a Paan-vendor from Jaipur, on his experience with Finova Capital's services.
Bringing about financial innovation and transforming credit delivery, Finova Capital offers flexible ticket size of the loans between a minimum of Rs. two lakh to maximum Rs. 20 lakh, depending on the requirements.
Within just a year of its operations, Finova Capital has emerged as one of the most preferred financial services providers amongst MSMEs in India.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)